Have you considered everything?

Free tax clinic by BDO

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Producers generally try to foresee everything in order to bring their project to fruition while staying on budget and meeting deadlines. It is therefore particularly hard for them to face issues at the very end of their project.
The suggestions below will help producers ensure they considered everything.
File the production company’s tax returns on time or at the latest 18 months after year-end.
Pay a maximum of costs before filing the production company’s tax returns, including accounts payable and accrued expenses.
Claim the provincial tax credit for paid labour for unincorporated foreign individuals, as well as the provincial labour credit for post-production paid to broadcasters.
Consider the increase detained by public financial assistance to claim the provincial tax credit.
Claim the federal tax credit for meal expenses paid to employees in remote areas.
File an objection within 90 days after receiving the notice of assessment should there be any disagreement with the tax authorities.
Amortize productions properly through consideration of net distribution income to calculate capital cost allowance.
Attach SODEC’s Advance Ruling and file it before the production company’s fiscal year-end.
Claim final certifications on time.
Submit to the Canada Revenue Agency the Waiver in respect of the normal reassessment period in the event of a delay in obtaining Part B.
Sign a contract with a broadcaster or distributor to qualify for the film production tax credits.
Ensure that a taxable entity, Canadians or Quebecers, retain control of the production company.
Consider using the tax credit for film production services.
Claim the provincial virtual reality tax credit.
Consider using crowdfunding to complete the financial structure.
Ask subcontractors to include the expenses re-invoiced to the production company in their invoices instead of producing a statement of expenses incurred, as if they were employees, in order to avoid having to pay contributions to Revenu Québec.

Free tax clinic by BDO at FNC Forum, the Tuesday October 15th 1pm to 5pm at the Chaufferie

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